Comment by tonytran2015:
It has been predicted to follow this path. There is no difference between a cryptocurrency mania and a tulips mania.
by: Stefan Gleason*
One of the greatest asset bubbles of all time appears to have just burst.
It’s not the stock market. Despite recent downside volatility amidst bubble-like valuations, so far stocks have merely entered a correction.
Cryptocurrencies, on the other hand, have entered into a full-blown meltdown. Bitcoin will go down in history for its extraordinary rise from zero to a high of $19,783 on December 17, 2017. Its subsequent fall may be one for the history books as well.
In the second half of November, Bitcoin prices fell through a months-long trading range, triggering heavy selling down to around $3,500. Anyone unfortunate enough to buy Bitcoin at over $19,000 now faces a loss of more than 80%. Losses are also staggering for Bitcoin Cash, Ethereum, Ripple, and many others.
The story of digital currencies won’t just be a matter of their rise and fall, however. Some may bounce…
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